NEW YORK (HedgeWorld.com)–Mark Richardson, global head of derivatives at Commerzbank Securities, has joined Mehmet Dalman, former head of Commerzbank Global Equities, in building a new hedge fund-oriented asset management firm, London-headquartered WMG.
Started in October, WMG is conceived as a broad-scope service provider to high-net-worth individuals, private banks and investment businesses, with a focus on allocations to alternative investments.
Mr. Dalman and his team plan to start various single-strategy hedge funds as well as funds of funds. In addition, they will incubate and raise capital for hedge funds and will structure fund-based securities. They expect to be active in Europe, North America and Asia.
Mr. Richardson, a derivatives expert, worked at Bankers Trust and ING Barings before joining Commerzbank in 1998. There he developed equity and fixed-income derivatives operations and helped with the asset allocation of Commerzbank’s US$2 billion fund of funds, called Comas.